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MF Global Daily Report - 2011/10/12 Base Metals
Oct 13,2011 09:36CST
industry news
Source:SMM
Metals were unusually weak yesterday, ignoring the steadier tone we were seeing in many other markets.

This market comment was written at 8:45 a.m. on October 12th, US east coast time...

Oct. 13 (MF Global) -- Metals were unusually weak yesterday, ignoring the steadier tone we were seeing in many other markets. Copper led the advance lower, finishing with a substantial 3% loss on the day. In other markets, the US stock market held on to Monday’s massive gains and there was a good advance in oil as well. The Euro also held its own against the dollar on reports that Greece was likely going to get its next tranche of aid. However, none of this was enough to prevent a rather sharp sell-off in the LME metals, which seemed to be more sensitive to the goings-on in China than they were to the still-unfolding European debt crisis. In this regard, yesterday’s move to prop up four of China’s leading banks by a unit of the country’s sovereign wealth fund was a signal that all is not well in the country’s banking system.
 

base metals

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